High Allocations for Key Sectors
President Bola Tinubu unveiled a N47.9 trillion budget proposal for 2025, emphasizing significant investments in security, infrastructure, health, and education. Speaking to a joint session of the National Assembly, Tinubu highlighted the budget’s focus on restoring peace and building prosperity for Nigeria.
Budget Highlights
In his speech, which wrapped up at 1:10 pm, the President detailed that N4.91 trillion was allocated for defense and security, N4.06 trillion for infrastructure, N2.4 trillion for health, and N3.5 trillion for education. The budget aims to stabilize the economy, improve business conditions, reduce unemployment and poverty, and promote equitable income distribution and human capital development.
Financial Projections
Tinubu announced a revenue target of N34.8 trillion for 2025, with total government expenditure set at N47.90 trillion, including N15.81 trillion for debt servicing. The budget deficit is projected at N13.0 trillion, which represents 3.89% of GDP. Inflation is expected to drop from 34.6% to 15% by next year, with the exchange rate improving from N1,700 to N1,500 per dollar.
Commitment to Economic Reform
The President confirmed a crude oil production target of 2.06 million barrels per day and predicted a decrease in petroleum product imports alongside an increase in exports. He reiterated the government’s commitment to economic renewal, acknowledging the progress made over the past 18 months and pledging to maintain these reforms.
Focus on Food Security
Tinubu underscored the critical importance of food security, promising actions to ensure that Nigerians have access to food, thereby preventing hunger.
Urgent Response to National Challenges
Describing the 2025 budget as a call to action, Tinubu emphasized the need to address the existential threats of corruption and insecurity. He urged for a collaborative effort to rewrite Nigeria’s narrative, stating that the time for action is now, not lamentation.
Leadership Presence
Accompanying President Tinubu were key figures such as the Secretary to the Government of the Federation, George Akume, and the Chief of Staff, Femi Gbajabiamila. The presentation, initially scheduled for Tuesday, was postponed to Wednesday following a Federal Executive Council meeting on Monday.
